FAQs

Why do I need a financial advisor and not do it myself?

A financial advisor can help you with wholistic financial planning which includes tax planning and estate planning which are difficult to do on your own. A financial advisor can also create customized portfolios which can be very beneficial for high net worth clients.

Do I need to know anything about the new tax law?

It is vital to be up to date on the new tax law as it has broad implications for every tax payer. Certain provisions such as the qualified business income deduction are very important to understand and plan for. Tax planning is now more important than ever before and it is important to work with a team of Financial Advisor and CPA.

Do I need to set up a trust even if I have a will?

Even if you have a will after you die your estate will go through a potentially lengthy and costly probate process. This can be avoided by setting up a revocable trust. It is also important to give inheritance through trust to provide asset protection to the beneficiary. A qualified estate planning attorney can help set up appropriate trusts.

Are there ways to protect my assets if I am in a profession where chances of lawsuit are high?

There are certain strategies that can be used to provide asset protection. One of these is the Nevada Asset Protection Trust which is an irrevocable trust in which the grantor of the trust can also be a permissible beneficiary. Two years after the grantor contributes a portion of his/her assets to the trust, the contributed assets should be protected from the grantor’s creditors. Your individual situation will need to be fully assessed before determining which strategy is appropriate for you.

Should I be concerned about estate taxes, especially since the limit has gone up under the new tax law?

The limit has been increased however this increase is set to expire in 2026 and could potentially sooner with change in government. Depending on your individual situation it may make sense to use certain strategies to benefit from the increase in limit prior to expiration. A qualified financial advisor and attorney can review your situation and advise you accordingly.